According to new report published by Grand View Research, Increasing approach towards mass production and assembly line methodology across various industries including sea ports and food & beverages are expected to remain a key driving factor for the global conveying equipment market over the next six years.

The Global Conveying Equipment Market is expected to reach USD 36.42 billion by 2020, according to a new study by Grand View Research Inc. Increasing approach towards mass production and assembly line methodology across various industries including sea ports and food & beverages are expected to remain a key driving factor for the global market over the next six years.

In addition, development in construction sector coupled with increasing market growth of motor vehicle manufacturing in Asia Pacific and Europe is expected to further augment the market growth over the forecast period. However, volatile prices of key raw materials such as synthetic rubber and metals are expected to hinder the market growth over the forecast period.

Unit handling conveying equipment market emerged as the leading product segment and accounted for 45.7% of total market revenue in 2013. However, parts and attachment is expected to be fastest growing product segment at an estimated CAGR of 2.4% from 2014 to 2020.

Durable goods manufacturing emerged as one of the leading application segment for conveying equipment and accounted for 39.3% of total market revenue in 2013. Global demand for conveying equipment in durable goods manufacturing is expected to be primarily driven by growth in demand for computer equipment and industrial machinery. Global demand for conveying equipment from nondurable goods manufacturing is expected to grow at an estimated CAGR of 1.1% from 2014 to 2020.

Europe dominated the global market and accounted for 35.6% of total market revenue in 2013. Presence of top tier automobile manufacturers such as Audi, Mercedes, BMW and Ferrari among other is expected has helped in developing the market for conveying equipment in the region. Europe was closely followed by Asia Pacific which is expected to be the fastest growing regional market for conveying equipment at an estimated CAGR of 2.5% from 2014 to 2020

The global conveying market is fragmented with top four participants catering to just below 40% of the global demand in 2013. Major companies include Dematic, Rexnord and Sandvik, while Durr, FMC Technologies, Hitachi, Hytrol Conveyor, Fritz Schafer, Richards Wilcox, Siemens AG, Murarta Machinery, Mecalux, Swisslog and Vanderlande Industries are other notable market participants.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.